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DEC 12 1910 
•£2*tt}ssm usjiEL--' 




AN ADDRESS 

BY 

MR. DANIEL WILLARD 

t) 

AT THE ANNUAL DINNER 
OF THE 

RAILWAY BUSINESS ASSOCIATION 

Waldorf-Astoria Hotel, New York, 
Tuesday Evening, November 22, 1910. 













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By Transfer 

,u*N 20 1917 



















ADDRESS BY MR. DANIEL WILLARD. 


Annual Dinner Railway Business Association, Waldorf- 
Astoria Hotel, New York, Tuesday 
Evening, November 22, 1910. 

Nothing but my feeling of duty to co-operate with your organi¬ 
zation in whatever way might seem to you desirable, could 
have overcome my extreme reluctance to making a public 
address. The industries represented by your association 
constitute a powerful economic force, and your organization 
has for the first time brought that force to bear on public 
opinion. It was fortunate for the railways of this country, 
and I believe a fortunate thing for its commercial industries 
as well, when the Railway Business Association was formed. 
You have already performed a most valuable service in the 
way of bringing about a better understanding between the 
Railway Managers and the Railway users, and your efforts in 
that direction deserve hearty recognition. I do not hesitate 
to say that the railroads fully appreciate and gladly acknowl¬ 
edge what you have actually accomplished and will welcome 
a continuation of the same policy. 

The American Railroad System as it stands today represents 
an investment, as measured by the outstanding capital securi¬ 
ties, of over $13,700,000,000. Its total length of main line 
is over 236,000 miles and its annual earnings from operation 
amount to $2,500,000,000. This great industry furnishes 
direct employment, in times of prosperity, to more than 
1,500,000 men, and it has been estimated that indirectly it 
furnishes employment to more than 2,000,000 others, such as 
work for the car and locomotive' builders, in the steel mills, 
in the forests and in the mines, so far as such operations arfe 
affected by the actual requirements of the railroads. 

Lord Bacon, writing more than 300 years ago, said: “There 
be three things which make a country great and prosperous— 
a fertile soil, busy work shops and easy conveyance for men and 
things from one place to another.” If Lord Bacon was right 
and if the railroads did come in response to a well recognized 
public demand, which demand, judging by the present magni- 


2 


tude of their operations, was a real and not an imaginary one, 
then, I think, we might expect as a natural sequence, that those 
. who have contributed largely either of money or of personal 
service and ability to bring into existence this great industry 
would be looked upon as ones who deserve well of their day and 
generation. 

What are the facts? An apparent general distrust is felt 
of those now largely in control of or responsible for the opera¬ 
tion of the roads. This distrust finds its chief expression in the 
innumerable laws proposed and the great number actually 
passed intended to regulate almost every feature of the service; 
laws, many of which, in a general way have done much to dis¬ 
courage railroad development as well as to chill initiative. 
If one were to believe half that the public has been told in this 
connection, he might well conclude that the railroad system 
as a whole has been conceived in sin, reared in iniquity, and 
that there is no good in it. 

Let me bring to your attention some few opinions that have 
been expressed concerning the American Railroad System by 
students of'affairs, not residents of this country. 

J Mr. W. R. Lawson, who investigated our railroads in 1903, 
wrote upon his return to England in his book on “American 
Industrial Problems,” as follows: “The science of transpor¬ 
tation is going to be the special contribution of the American 
people to political economy.” 

Mr. Nevill Priestley, Under-Secretary to the Government of 
^ India, Railway Department, came to this country in 1904 for 
the purpose of investigating our railroads. Among other things 
he said in his report: “American Railway men are quick to see 
a new idea; they are quicker still to try it. That their methods 
are not always perfect is what might have been expected, but 
they have managed to do what no other country in the world 
has done, and that is to carry their goods traffic profitably at 
extraordinarily low rates, notwithstanding the fact that they 
„. pay more for their labor than those of any other country. It is 
;in the study of how they do this that much benefit can be 
derived by other countries.” 

Mr. Leroy Beaulieu, a distinguished French Economist, who 
visited this country in 1905 and made a careful examination of 
American economic conditions, wrote as follows: “If, therefore, 
one were in search of model railway methods, it would be wise 
to turn to those practiced under the free American System—not 


3 


to those illustrated by a system operated under the debilitated 
control of the State.” 

In the Official German Report of American railroads made by 
Messrs. Hoff and Schwabach, members of the Privy Council in 
1904, is to be found the following: “If Germany, like the rest 
of the civilized nations of the old world, has grown stronger 
and gained a new life through the construction of railroads, the 
United States, at least what we include in this designation, 
has been actually created, properly speaking, by the building of 
railroads.” 

Why such liberal recognition of meritorious accomplishments 
from European investigators and at the same time such evidence 
of distrust at home ? I believe, and the response to the appeals 
of your organization clearly demonstrates it, that the great 
body of commercial and industrial opinion of the United States, 
if it cared to give utterance, would testify freely to its appre¬ 
ciation of the service generally rendered by the railways, and 
to its disapproval of any public policy which might tend to 
impair their usefulness or retard extension. Much too often, 
the largest consumers of transportation, and employers of labor 
as well neglect to take sufficiently active part in the develop¬ 
ment and dissemination of conservative opinion. Neverthe¬ 
less, while I think the views expressed by the European gentle¬ 
men just quoted were justified by the facts, yet, paradoxical 
as it may seem, the distrust at home has also much justification 
in fact, or rather, it did have at one time. I do not think, 
however, that such is the case today. 

I am extremely anxious to see a better understanding reached, 
between the railroads and those who use them; but, I have 
never seen any substantial or lasting progress made towards 
such understanding by parties holding views greatly at vari¬ 
ance, until they were both ready and willing to accept the 
truth, if it could be found, and then act accordingly. 

The American Railroad System is the result of private enter¬ 
prise. It has been built up with funds voluntarily furnished 
by those who have invested their money in railroads for exactly 
the same reasons that would have prompted them to invest in 
any other commercial enterprise or undertaking—that is, the 
hope of private gain. But—and this is very important—the 
railroad, because of its' very nature, is not a strictly private 
business, or rather, while it is in one very important sense a 
private enterprise, it is also charged with a public duty to 


4 


perform and owes its existence to that fact. This fact, peculiar 
to railroads, has now become so thoroughly established by 
Court decisions and otherwise, that we are apt to forget that 
when railroads were new, and in fact up until a comparatively 
recent date, it was largely lost sight of by the roads, speaking 
of them in a personal way, and quite forgotten or pushed 
aside for the moment by the public, chiefly because of the great 
demand in all directions for more railroads, and an apparent 
indifference as to how it all came about, so they got the 
roads. 

The American Railroad, except in the extreme East, has 
almost universally gone ahead of the population or even the 
settler. The building of a railroad under such circumstances 
was a hazardous undertaking. Men could not be found 
willing to assume the altogether too apparent risk of loss, 
unless in some manner there was thought to be something 
which promised large reward. In many instances large 
reward was realized. Had it not been so there would have 
been no railroads. Similar risks were assumed in other enter¬ 
prises in a new country and similar expectations of large reward 
were indulged in and just as frequently realized. 

In the course of time complaints began to be made that the 
railroads were showing special favors to some individuals and 
communities and withholding such favors from others. It 
was claimed that rebates were being granted the better to cover 
up the transaction. It was claimed also that the railroads 
charged less in some instances for a long haul than for a shorter 
haul when the circumstances were substantially the same. It 
was claimed that the railroads exercised a controlling influence 
over some of the legislative bodies, largely through the issuance 
of free transportation and in some cases the actual payment of 
money. It was claimed that the railroads were over capitalized 
and that in some instances large fortunes were made by im¬ 
proper, not to say illegal, practices in that connection. Doubt¬ 
less there was cause for these complaints. To hold otherwise 
would be to hold that men engaged in railroad affairs were 
not subject to the same human limitations and weaknesses 
that are known to be the common heritage of mankind. It 
was claimed that the pooling practice, at that time much in 
evidence, was inimical to the interest of the shipper and its 
abolishment was demanded, though so far as I am able to 
learn, no general complaint was ever made that rates, as a 


5 


whole, were excessively high. Other minor complaints against 
the carriers were also registered. 

The feeling aroused by these various practices finally found 
expression in laws, notably the Interstate Commerce Act, with 
successive Acts amendatory thereof. 

Granting, for the sake of argument, that the builders, owners 
and managers of the railroads were in common with the rest 
of mankind subject to all the weaknesses and limitations that 
the human race is heir to, let us see how much foundation in 
fact there is, or ought to be, at the present time for such distrust 
as still seems to exist. 

The rebate and unjust discrimination have disappeared, or, 
if not altogether, then the relief is to be found in the enforce¬ 
ment of the existing law. I submit no additional law is neces¬ 
sary in that direction. The long and short haul question 
seems to be fully covered by the recent amendment. Recog¬ 
nizing, however, the far reaching effect the so-called long 
haul practice has had upon the general commercial and industrial 
development of this country, Congress has seen fit—wisely, I 
think—to give the Commission much latitude concerning it. 
A strict and literal enforcement of the law would mean 
commercial disaster to many communities. 

The influence of the railroads upon legislation has been, I 
believe, largely if not entirely eliminated. This has come 
about partly by the people requiring of their representatives a 
closer accountability and partly by the fact that the railroads, 
recognizing the higher ethical standard concerning such matters 
today, have endeavored to adjust their practices in harmony 
therewith. 

The claim that the American railroads are over capitalized 
is still urged in some quarters. In that connection the follow¬ 
ing comparisons are interesting: 

Capitalization per mile of railroad is— 


England. $275,040 

Belgium. 169,806 

France. 139,390 

Austria. 112,879 

Germany. 109,788 

United States... 59,000 








6 


In my opinion to duplicate the American Railroad System 
today would cost a sum very much in excess of the existing 
capitalization, and while I do not believe a physical valuation 
of the railroads would serve any useful purpose, I am con¬ 
vinced that the railroads have nothing to fear in that direction. 

Mr. James J. Hill, whose knowledge of this subject rests 
upon the most careful thought and inquiry has well said: “The 
American Railway pays the highest wages in the world out of 
the lowest rates in the world, after having set down to capital 
account the lowest capitalization per mile of all the great 
countries of the world.” 

In my opinion, if there is any one thing distinctively American, 
of which all Americans ought to be proud, it is the American 
railroad system, for, as stated by Mr. Hill, it has paid the highest 
wages and sold its output—that is, transportation—at the 
lowest price and at the same time has furnished more trans¬ 
portation per dollar invested in facilities than any other 
country in the world, and it has done all this not because of 
protection, but in spite of it. 

While the railroads, as they stand today, have cost nearly 
$14,000,000,000, as shown by their outstanding capitalization, 
it is certain that the development of the country will make 
necessary further large expenditures for additions to and better¬ 
ments of the existing lines. It has been well stated that one 
billion dollars a year, for a number of years at least, will be abso¬ 
lutely necessary for these purposes. How will the money be 
obtained? By offering something in the way of a security 
sufficiently attractive to make the money forthcoming; for, as 
one of the honorable members of the Interstate Commerce 
Commission has well said: 

“We can provide by legislation the sort of cars 
which a railroad shall use and the rates which it 
shall impose, we can not by legislation force one 
single dollar of private capital into railroad 
investment against its will.” 

The cost of railroad operation has been increasing for some 
years, and there is no apparent reason for thinking that this 
upward tendency will cease. It has been due in part to higher 
prices for material, higher wages paid for labor, to the higher 
standard of service demanded by the public, and to various 
legislative requirements, such as the hours of labor law, the 


7 


so-called “Full Crew” bill, etc. Please understand that I am 
not criticising the laws referred to, nor am I complaining 
because of the higher standards of today; but, whether good 
or bad, necessary or unnecessary, they serve to increase the 
cost of operation and to that extent reduce net earnings. 
During the last ten years particularly, the American rail¬ 
roads have spent enormous sums for improvements, such as 
reducing grades, eliminating curvature for double track, and 
enlarging and improving terminals, etc., and the economies 
resulting from such expenditures have gone far toward off¬ 
setting the constantly increasing cost of operation. The 
possibilities of future economies resulting from further similar 
expenditures, have been very largely exhausted, so that if 
costs continue to go up, there would seem to be only one way 
now to meet the situation, and that by an increase of rates. 

Under the recent amendment of the Interstate Commerce Law 
it is now impossible for the carriers to advance any rate unless 
such increase is approved by the Commission. This operates, 
as I view it, to place the credit of the railroads in the hands 
of the Commission, for the credit of the railroads is dependent 
upon the net earnings, and the net earnings will depend very 
largely upon the rate received. 

Much has been said about what is a fair and reasonable 
return on money invested in railway securities. If the rail¬ 
ways were finished and no new capital needed, it might then 
be interesting to discuss what rate of interest or dividend should 
be paid in the future on money borrowed in the past. That, 
however, is not the situation; the railroads are not finished and 
they will need and must have large sums in the future to enable 
them to provide such additional facilities as will be required to 
keep pace with the industrial growth of the country. The new 
capital needed will not be obtained by telling the man whose 
money is desired that he will be paid a fair rate. The man 
who has money to lend, taking him as a class, will decide, not 
what is a fair rate, but what is a satisfactory rate to him and in 
reaching that conclusion he will be influenced by many elements, 
not necessary now to refer to, but which taken as a whole 
constitute credit. 

The question of what is a fair and reasonable freight rate 
is also a difficult one to determine. Certain it is, as I view it, 
that the sum of all such rates must at least be sufficient, when 
combined with efficient management, to furnish such net 


8 


earnings as will enable the individual road to obtain the neces¬ 
sary new capital when needed on a favorable basis, otherwise, 
because of impaired credit, money could not be raised at all, 
or if raised, then under such conditions as would probably add 
to the embarrassment. 

The railroads have been built in response to a public demand 
based upon an actual need, which still exists. They have been 
built with private capital, furnished upon the expectation of 
making a profit out of the investment. 

There is an implied promise that this property, built in re¬ 
sponse to the demand of the people, shall be allowed to make 
such reasonable charges as will yield it a fair compensation. 
Whatever prevents it from earning a fair return, virtually 
confiscates the property. 

In the past, as I have shown, certain objectionable practices 
and abuses came about which greatly exasperated the people. 
The people then passed laws forbidding the things complained 
of, and also established a Commission to see that the laws were 
obeyed. Having still in mind, however, the evils of the past, 
the people, or those assuming to speak for them, have demanded 
additional laws regulating and restricting the railroads. 
Such laws have also been passed and not only have all the things 
originally complained of now been corrected or the machinery 
provided for such correction, but they have also placed in the 
hands of the Commission full control over the rates (something 
not originally demanded), but which means control of the 
revenues and all that that implies. Still further legislation, 
affecting revenues as well as cost of operation, is urged in many 
quarters. 

What of the future? Speaking for myself only, I believe 
that the roads (referring to them again in a personal way), 
should recognize in the future more generally than they have 
done in the past, that while they represent private investment 
and on that account are under certain precise as well as implied 
obligations to their security holders, they are also charged with 
a public service to perform, and there are also certain clear and 
implied obligations in that direction, among which are these: 

To treat all alike, giving as full consideration as possible to 
all reasonable requirements. In short, while giving full and 
proper consideration to the right of the security holders, to 
give fair consideration also to the rights and feelings of the 
users—they are partners in the enterprise. 


9 


I think the roads should keep out of politics. This makes 
it necessary to take the public into their confidence so far as 
possible, so that the public, being fully and correctly informed, 
may act intelligently and fairly towards the railroads. 

I think the roads, through their proper officers, should 
co-operate as far as possible with the Interstate Commerce 
Commission in trying to bring about a better understanding 
on the part of all. 

The Commission, newly charged with greatly increased 
responsibility incidental to increased power, will, I have no 
doubt, gladly welcome a spirit of co-operation on the part of 
the carriers. I have confidence in the intelligence and integrity 
of the Commission. It is the duty of the railroads to see 
that the Commission is fully informed concerning the roads’ 
necessities. It is of great importance also, as I view it, that 
the atmosphere of public discussion should be so free from heat 
and animosity, that the Commission may be assisted and not 
impeded by public opinion so formed, in reaching just and 
wise conclusions. To this end, I believe most, if not all, of 
the railroads, by their present policy in dealing with the public, 
are earnestly endeavoring to avoid needless antagonism or mis¬ 
understanding. 

I would not like to have it thought, because of anything I 
have said, that I am opposed to the policy of Government 
supervision of the railroads; on the contrary, I am convinced 
that, under all the circumstances, it is for the best interest of 
all—railroads as well as the public—that there should be 
effective Governmental regulation; but, it is also equally 
important that such supervision or regulation be fair as well 
as effective, and that it be not so extended as to destroy or 
discourage individual initiative and enterprise. I will even go 
so far as to say that I am also convinced that the only alter¬ 
native to such control by the Government, as I have indicated, 
is Government ownership. 

Personally, I am opposed to the Government ownership of 
the railroads, and I do not believe such a condition is imminent; 
nor do I believe there will be any real demand on the part of 
the people for such a change, provided such a policy of regula¬ 
tion, as I have indicated, is carried out; but, if it were immi¬ 
nent, I am too good an American to believe that the people of 
this country will ever give their support to any plan con¬ 
templating the purchase of the railroads by the Government, 


10 


which does not give fair and full consideration to the rights of 
those who have invested their money in railroad securities. 
The American people are not repudiationists. 

I assume we are all equally interested in the prosperity of 
our country as a whole. We can not have such prosperity as 
we all desire while the second largest industry in the land, 
measured by capital investment, remains inert. I positively 
know that there is today in the minds of railroad managers a 
feeling of hesitancy, of uncertainty, as regards the future. Possi¬ 
bly that feeling is not justified by the facts, by the conditions. 
Possibly the managers are mistaken. None the less, the feeling is 
there and it is dominating the situation, and the all important 
question is—how can it be corrected? How can the feeling of 
distrust, which now rightly or wrongly so powerfully influences 
the policy of the railroads, be allayed? I should say by removing 
the cause, and, unless I have altogether failed to make clear 
what is in my mind, I think the cause, as I view it, should be 
apparent; but, to be specific, let the people who use the roads 
and want the roads, now indicate that, having secured the enact¬ 
ment of such laws as they considered necessary in order to 
correct the conditions complained of in the past, they are now 
willing (as I think they should be) to open a new account 
with the future. Let them show that they are willing, as I 
believe they are, that the roads should be treated fairly— 
they are entitled to nothing more, they should receive 
nothing less. Let them consider each new proposal for 
legislation with entire freedom from any spirit of retalia¬ 
tion. I do not say that it is necessary to undo anything 
already done (although experience may show such action to 
be wise in some instances), but I do say that the railroads 
should be given a respite from further legislation—State or 
Federal—for a time at least, and until they can work out some 
of the many new and complex problems now confronting 
them. If such a course should find favor in the minds of the 
people and be reflected in their attitude towards the carriers, 
I do not hesitate to say that the patient now indisposed 
would immediately show signs of convalescence. 

The remedy suggested is not a serious one. Is not the 
experiment worth trying? 








HI56 74 577 












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